Demand for essential goods to increase

Demand for 12 essential goods items is forecast to increase next year, including for steel, cement, oil products and coal.

Based on Vietnam 's economic growth expectations from 2011-15, the
Ministry of Industry and Trade estimated demand for steel products to
increase 8-10 percent to 12.5-12.8 million tonnes in 2011.

The demand for cement next year was predicted to go up by 10 percent to
55-56 million tonnes while total output to reach 60 million, thus
meeting demand and keep price stable.

Demand for petrol
and oil products was forecast to be 17 million tonnes next year, to be
met by 6 million tonnes of domestic production and 11.6 million tonnes
of imports.

The nation would balance the demand for 44 million tonnes of coal by producing 47.3 million tonnes, the ministry said.

Paper demand would increase to 2.35 million tonnes next year, to be met
by 1.77 million produced locally and 700,000 tonnes from imported.

The nation's consumption of 28 million tonnes of rice in next year
would be supplied by the expected harvest of 31.6 million tonnes.

The demand on medicine, food and fertiliser was also expected to increase next year.

Meanwhile, Prime Minister Nguyen Tan Dung has called on ministries,
agencies and municipal and provincial authorities to implement
strategies to stabilise the market and boost production.

Directive No1875/CT-TTg, released last week was designed to ensure the
country's growth rate reaches 6.5 percent, while the consumer price
index did not rise above 8 percent.

Dung said the economy,
which typically suffers during the final months of the year, would also
have to weather capital shortages, rises in the price of essential
goods, power shortages and potential animal epidemics/.

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Vietnams’ trade deficit passes $8 bln

Vietnam trade deficit hit a record US$8.15 billion in the first eight months of the year, an increase of $700 million compared with last month's figure, according to the General Statistics Office (GSO).

Excessive imports helped push the total to 18.3 percent of the year's total export turnover.

The country imported products worth $52.68 billion in the first eight months, a rise of 24.4 percent over last year. The domestic sector accounted for $30.3 billion of the imports, an increase of 13.2 percent, while the foreign direct investment sector imported $22.37 billion worth of goods, a rise of 43.6 percent.

Import turnover in August was $6.9 billion.

Imported commodities with the highest import turnover included materials for industrial export production such as mechanical machines (14.9 percent); electronics, computers and accessories (31.5 percent); clothes (26.6 percent); textile and garment materials (38.1 percent), and metals (79.9 percent).

Imported automobiles and fertilizer decreased by 30.5 percent and 10.8 percent, respectively.

The general export turnover was estimated at $44.52 billion during the period, an increase of 19.7 percent compared to the same period last year. The domestic sector contributed 46 percent, or $20.56 billion, of the turnover, while the remaining $23.96 billion was imported by foreign invested companies.

GSO's Acting Director of Trade Department Le Minh Thuy said that August exports were slower, decreasing 0.5 percent in comparison with last month. However, the export of gold contributed significantly to the export turnover in helping to keep the total turnover steady.

"If we did not count gold exports, the trade deficit in the first eight months would be $9.8 billion instead of $8.15 billion, and would make up 22 percent of the total export turnover," she said.

Commodities that experienced a significant increase in export turnover included steel, 220 percent ($466 million); rubber, 89.3 percent ($543 million); chemical products, 83.9 percent ($185 million); transportation and accessories, 83.0 percent ($458 million); and electric wire and cable, 72.2 percent ($347 million).

Other industries that experienced export turnover included textiles and garments (17.8 percent), wood and wood products (36.1 percent), rubber (89.3 percent), footwear (18.8 percent), electronics and computers (30.2 percent); and mechanical machines and accessories (61.2 percent).

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Trade deficit passes 8 billion USD

The trade deficit hit a record 8.15 billion USD in the first eight
months of the year, an increase of 700 million USD compared with last
month's figure, the General Statistics Office (GSO) said on August 24.

Excessive imports helped push the total to 18.3 percent of the year's total export turnover.

The country imported products worth 52.68 billion USD in the first
eight months, a rise of 24.4 percent over last year. The domestic sector
accounted for 30.3 billion USD of the imports, an increase of 13.2
percent, while the foreign direct investment sector imported 22.37
billion USD worth of goods, a rise of 43.6 percent.

Import turnover in August was 6.9 billion USD.

Imported commodities with the highest import turnover included
materials for industrial export production such as mechanical machines
(14.9 percent); electronics, computers and accessories (31.5 percent);
clothes (26.6 percent); textile and garment materials (38.1 percent),
and metals (79.9 percent).

Imported automobiles and fertiliser decreased by 30.5 percent and 10.8 percent, respectively.

The general export turnover was estimated at 44.52 billion USD during
the period, an increase of 19.7 percent compared to the same period last
year. The domestic sector contributed 46 percent, or 20.56 billion USD,
of the turnover, while the remaining 23.96 billion USD was imported by
foreign invested companies.

GSO's Acting Director of
Trade Department Le Minh Thuy said that August exports were slower,
decreasing 0.5 percent in comparison with last month. However, the
export of gold contributed significantly to the export turnover in
helping to keep the total turnover steady.

"If we
did not count gold exports, the trade deficit in the first eight months
would be 9.8 billion USD instead of 8.15 billion USD, and would make up
22 percent of the total export turnover," she said.

Commodities that experienced a significant increase in export turnover
included steel, 220 percent (466 million USD); rubber, 89.3 percent (543
million USD); chemical products, 83.9 percent (185 million USD);
transportation and accessories, 83.0 percent (458 million USD); and
electric wire and cable, 72.2 percent (347 million USD).

Other industries that experienced export turnover included textiles
and garments (17.8 percent), wood and wood products (36.1 percent),
rubber (89.3 percent), footwear (18.8 percent), electronics and
computers (30.2 percent); and mechanical machines and accessories (61.2
percent)./.

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